Keeping the costs of healthcare affordable is a challenge for governments around the world. In Asia Pacific, governments are dealing with ageing populations and government healthcare spending has grown faster than the rest of the economy. Some governments have reacted via pricing policies to contain healthcare cost but to varying degrees of success. Amidst pressures of balancing healthcare costs and maintaining patient access to medical devices, it is important payers recognize the unique value added services that the MedTech industry provides to physicians, providers and patients.
APACMed, in partnership with the Singapore Manufacturing Federation Medical Technology Industry Group (SMF-MTIG) and Vista Health, has published a white paper: “Value-Based Pricing for MedTech: A Collaborative Path for Singapore.” Completed in August 2023, this report draws upon desktop research, stakeholder interviews, and industry surveys to highlight the value added services that the MedTech industry provides and the importance of MedTech innovation for patient access in Singapore.
The paper also outlines recommendations for industry-government collaboration, aimed at streamlining MedTech evaluation in Singapore. We hope this serves as a catalyst for greater collaboration within Singapore and as a valuable resource for other governments and stakeholders across the region facing similar challenges.